Borrower, lender agree to permit $69M Greenwich Village retail foreclosure sale

The borrower that owns a large Greenwich Village retail condominium at 510-526 Sixth Avenue, between 13th and 14th streets, and its lender agreed to permit a $69.3 million foreclosure auction to take place to dispose of the asset.
The consent judgment of foreclosure and sale was signed June 28, 2024, but not entered until October 11, 2024. The consent is a settlement between the parties that halts oppositional litigation.

According to the ruling, “Plaintiff and the Answering Defendants… having agreed that the total amount due and owing to Plaintiff under the terms of the subject note and mortgage.., as of June 6, 2024, was in the amount of $69,285,724.19 (including the principal amount of $44,386,797.33, accrued and unpaid interest in the amount of $24,736,271.86, and attorneys’ fees, costs, and expenses in the amount of $162,655.00), plus interest from and after June 7 2024, through and including the date of entry of this Judgment in the per diem amount of $29,591…”

In March 2023, Broadshore Capital Partners bought the $49 million note from M&T Bank, then three months later filed a pre-foreclosure action against the owners of the 54,476-square-foot retail condominium unit at the base of the 77-unit Greenwich Condominium at 510 Sixth Avenue at the corner of 14th Street in Greenwich Village, Manhattan. Broadshore is a real estate investment firm based in Los Angeles and led by CEO Bradford Howe. The retail runs the entire block of Sixth Avenue from 13th Street to 14th Street, and wraps about 100 feet on 14th Street and 130 feet on 13th Street. The corner retail space formerly occupied by Urban Outfitters and has been vacant.

The lender filed the complaint July 18, 2023, in Manhattan State Supreme Court. LINK

The borrower entity 510 Borrower LLC is in care of Mosbacher Properties Group. Madison International Realty bought from Ark Partners a 49.5 percent stake in the property in February 2014. At the time, the condo unit was valued at $68 million, with retail tenants including Urban Outfitters, Chipotle and LensCrafters.

The property

The condo building with 77 residential units in Greenwich Village has 234,015 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 206 feet and is 125 feet deep with a total lot size of 23,231 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential.

Violations and lawsuits

According to city public data, the property has received $2,850 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has near average sales volume among other neighborhoods with $926.5 million in sales volume in the last two years and is the 8th highest in Manhattan. For development, Greenwich Village has near average amount of major developments among other neighborhoods and is the 13th highest in Manhattan. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 13 commercial properties representing 260,482 square feet of the 699,870 square feet. The largest owner is Amdar, followed by Cb Developers and then Legion Investment Group. There are no active new building construction projects on this tax block.

The owner

The owners according to the Department of Housing Preservation and Development includes Andrew Hart, head officer and Rachel Glatzer, officer. The business entities are Maxwell-Kates, Inc and Greenwich Condominium.

The surrounding

Within a 400-foot radius of 526 Avenue Of The Americas, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on January 23, 2023 for the $2.5 million renovation of 27,872-square-foot residential (R-2) building with seven residential units at 118 West 13thstreet. One of those seven items was a sale which Satya Ghar, LLC bought one condo unit in the 4,517-square-foot, 78-unit mixed-use building (RM) on 65 West 13thstreet for $11.5 million from Fein, Elizabeth on November 7, 2022. Of those seven items, five were loans above $5 million totaling $131.1 million. The most recent of the five was Izaki Group Investments in which borrowed $73 million from Valley National Bank secured by the 4,660-square-foot development site (V1) on 525 Avenue Of The Americas on July 10, 2024.

Direct link to the property’s ACRIS page and link to DOB NOW portal.